The National Association of Software and Services Companies (NASSCOM) has announced the ’10,000 Startups’ program in New Delhi. Through the program NASSCOM intends to incubate, fund and support 10,000 technology startups in India over a period of the next 10 years. The association hopes this will increase the employment rate at startups by 5 folds and bring India among the Top 10 Entrepreneurial & Innovation countries.
NASSCOM hopes to achieve these goals in partnerships with Indian Angel Network.Supporting this program will be Google, Microsoft and Verisign. The program was attended by Eric Schmidt, Executive Chairman of Google, who is on an India visit.
Mr. Som Mittal, President NASSCOM, said, “10,000 Start-ups aims to catalyze the technology startup ecosystem by 5X and create a significant national impact on employment, GDP, innovation and entrepreneurship indices. This is one of the largest initiatives that NASSCOM is undertaking and will be vital to realize the industry vision of USD 300 billion by 2020”.
Startups involved in the program will each receive:
Early stage funding between 5 lakhs to 2 cr
3-4 months of acceleration or incubation
Coworking infrastructure at startup clusters
Startup kit consisting of technology & business tools worth $25,000
Connection to technology leaders, mentors, potential customers & VCs.
The program will achieve its goals through 3 major focus point.
Evangelize and create awareness about technology entrepreneurship as a preferred career option. India has an organized workforce of 30 Mn of which 3 Mn are IT professional.
Engage with aspiring entrepreneurs through digital or social channels and startup support groups. Facilitate over 7,000 startup events like hackathons, investor roadshows and best practices workshops across 30 cities. Tech talks and white space discussions.
- Incubate and facilitate funding of 10,000 start-ups through partnerships with some of the leading incubators accelerators and angel networks in India. The program will also extend support to incubators or funding partners in the form of industry connects and co-working infrastructure and a start-up kit.
10,000 startups : A Viable Idea? What’s your take? Is ecosystem hungry for numbers or..?